The technical BTC analysis shows that there was rejection at the $10,800 resistance level which bitcoin failed to clear as we can see in today’s bitcoin latest news.
BTC could continue moving lower below the $10,500 level as long as it is below the 100 hourly SMA. The benchmark cryptocurrency failed to hold the gains and started a fresh decline from the $10,800 resistance level which eventually led the coin to break the $10,650 support and settle below the 100 hourly simple moving average. The ascending channel was breached with the support close to the $10,700 level on the hourly charts of the pair. The pair is now at the $10,550 support but it remains at risk of more losses.
The technical BTC analysis shows that Bitcoin failed to clear the key resistance at $10,800 and started a fresh decline against the US dollar. BTC traded as high as $10,803 before the bulls lost control. There was also a bearish reaction below the $10.750 level as it gained pace after this week’s important ascending channel that was broken with the support of $10,700 on the hourly charts. Bitcoin traded below the 50% fib retracement level from the upward move at $10,387 swing low to the $10,803 swing high.
If There’s a downside break below the $10,550 support level, the bears could aim to test the $10,387 swing low so further losses could lead the price towards $10,250 support or even to $10,000. If Bitcoin starts an upside correction it will even face resistance near the $10,650 level and the 100 hourly simple moving average. The close above the $10,650 level, could start another increase. The next major resistance is close to the $10,800 level above which the bulls could aim for a break above $10,950. The hourly MACD for the pair is losing momentum in the bearish zone and the hourly RSI for the pair is now well below the 50 levels. Major support levels for the coin include $10,550 and $10,380 while the major resistance levels include $10,650, $10,800 and $10,950.
As reported earlier, As history suggests, Bitcoin usually sees massive breakouts by the end of each year so we can expect a new one by the end of 2020.
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